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Preview $56B 7Y Note Auction

US TSYS/SUPPLY

Tsy $56B 7Y-Note auction (91282CDP3) at the top of the hour, WI currently running around 1.447%, 14.1bp rich to last month's high yield.

  • November auction recap: Tsy futures bounced off lows after $59B 7Y note auction (91282CDL2) stopped through: 1.588% high yield vs. 1.597% WI; 2.42x bid-to-cover 2021 high (five auction avg: 2.28x).
    • Indirect take-up 59.29% vs. Oct's 63.89% (highest since Jan)
    • Primary dealer take-up: 17.43% vs. 16.57% last month (2021 low);
    • Direct take-up: 23.28% vs. 19.54%

Timing: The 7Y note results will available shortly after the competitive auctions closes at 1300ET. The next 7Y auction is tentatively scheduled for January 27.

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